Agenda - Council - 07/23/1985 - Laserfiche WebLink

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I I Section 2. Ffndf~as for the Establishment of Develo_Pment District No. 1. - I 2.01. The Council hereby finds that the establishment of Develol~ent District No. 1 is intended, and in the Judpment of this Council, its effect will be, to provide an impetus for I ommercial and industrial development in the City, to increase employment, and otherwise promote certain public purposes and accomplish certain objectives as specified in the Modified I Section 3. Findinas for the Establishment of Tax IncreMent Financin~ District No. ii I 3.01. ~e Gouncil hereby finds that in certain portion of Tax Increment Financing District No. 1, less than 70 percent of i the i~rcels in the district are occupied by buildings, streets, utilities or other improvements, but due to unusual terrain or soil deficiencies requiring substantial filling, grading or other physical preparation for use at least 80 percent of the total I acreage of such land has a fair market value upon inclusion in the redevelopment district which, when added to the estimated cost of preparing that land for development, exceeds its I anticipated fair market value after completion of said pre, ration. 3.02. The Council further finds that the proposed I development, in the opinion of the Council, would not occur solely through private investment within the reasonably I I I I I I I foreseeable future and, therefore, the use of tax increment financin9 is deemed necessary~ that the Tax Increment Financing Plan conforms to the general plan for the development or redev~o~t c~ the City as a whole~ and that the Tax Increment Financing Plan will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development of Tax Increment Financing District No. 1 by ~ivate enterprise. 3.03. ~he Council further finds that the establishment of Tax Increment Financing District No. 1 and the approval and adoption of the Tax Increment Financing Plan relating thereto is intended and, in the judgment of this Council, its effect will be, to promote the ~uhlic purposes and accomplish the objectives s~eeified in the Tax Increment Flnancin~ Plan. Section 4. Approval of the Proposed Development Program and Proposed Tax Incre~.nt Financing_ Plago 4.01. The Proposed Development Program for Development District No. 1, and the Tax Increment Financing Plan for Tax Increment Financing District No. I are hereby approved and adopted and shall be placed on file in the office of the Ad~inistrator.